🤔Thinking of Moving to Las Vegas? 📝 Let Us Help! 👐 📲 Call or Text us: 702-710-6371 📩 Email: micah@LV55Homes.com 📅Free Real Estate Consultation (Zoom Call): bit.ly/connect2micah
I am a retired CPA who moved from Illnois to Arizona. The first thing that I did was to go to the Department of Revenue websites in BOTH states and printed them out. First, I made sure that I met EVERY requirement required to be an Arizona resident. Then I made sure that I did NOT meet any of the requirements to be a resident of Illinois. I stayed out of the state for at least two years. The problem with MOST people is that they want to keep ties in the old state. For example, a New Yorker moves to Florida but keeps his primary residence in New York and spends significant time there. Albany will classify you as a NY resident all of the time. Good video. By the way, the absence of a state income tax does not necessarily mean that the total tax burden of the state is less. For example, living in Kentucky has a lower tax burden that living in Nashville despite Tennessee having no state income tax. And I am not sure that Nevada taxation is less than here in rural Arizona with the state's generous tax credit program.
This is brilliant advice! Thank you for the dialog. And Yessir, there are other taxes in Nevada, and we are the state with lowest tax burden. We are nearly the lowest however (I think 7th to the lowest) and we have so many opportunities here for business and entertainment. We get a MANY people that move here from AZ as well. Thank you again for watching friend! If I can ever be of assistance to you or anyone you know, please feel free to reach out, >>>First, I made sure that I met EVERY requirement required to be an Arizona resident. Then I made sure that I did NOT meet any of the requirements to be a resident of Illinois.
Im renting a house in CA from a relative but’m looking to buy a property in Nevada and keep my job in California. I am in Vegas maybe a week out of the month for family. Is it still possible for me to change residency from CA to NV while spending a majority of my time working in CA?
Thank you for watching and reaching out 🙏. Generally, there is a 180-day rule to determine residency. Ask your CPA or financial planner about that. I have lots of clients who domicile here and work elsewhere for tax savings but there are rules that vary from state to state.
LOTS of people have 2 or more homes, and it's not a problem. The issue is if you are earning income, and one state thinks you owe them income tax. Each state that takes income tax has its own rules and some states are worse than others. California is one of the worst. It's important that you contact a tax or financial planner and make sure that you are following the quickly changing rules. Are you thinking of a second home here?
We try to stick to food shelter and clothing these days. That said, there are many other needs, from subtle to complicated and one must practice generosity wisely, I think. Thank you so much for watching 🙏 Are you planning to move here?
🤔Thinking of Moving to Las Vegas? 📝 Let Us Help! 👐
📲 Call or Text us: 702-710-6371
📩 Email: micah@LV55Homes.com
📅Free Real Estate Consultation (Zoom Call): bit.ly/connect2micah
I am a retired CPA who moved from Illnois to Arizona. The first thing that I did was to go to the Department of Revenue websites in BOTH states and printed them out. First, I made sure that I met EVERY requirement required to be an Arizona resident. Then I made sure that I did NOT meet any of the requirements to be a resident of Illinois. I stayed out of the state for at least two years.
The problem with MOST people is that they want to keep ties in the old state. For example, a New Yorker moves to Florida but keeps his primary residence in New York and spends significant time there. Albany will classify you as a NY resident all of the time.
Good video. By the way, the absence of a state income tax does not necessarily mean that the total tax burden of the state is less. For example, living in Kentucky has a lower tax burden that living in Nashville despite Tennessee having no state income tax. And I am not sure that Nevada taxation is less than here in rural Arizona with the state's generous tax credit program.
This is brilliant advice! Thank you for the dialog. And Yessir, there are other taxes in Nevada, and we are the state with lowest tax burden. We are nearly the lowest however (I think 7th to the lowest) and we have so many opportunities here for business and entertainment. We get a MANY people that move here from AZ as well. Thank you again for watching friend! If I can ever be of assistance to you or anyone you know, please feel free to reach out,
>>>First, I made sure that I met EVERY requirement required to be an Arizona resident. Then I made sure that I did NOT meet any of the requirements to be a resident of Illinois.
Super helpful Micah!🎉
SO nice to hear from you M 🙏😎 Happy Independence Day!
Im renting a house in CA from a relative but’m looking to buy a property in Nevada and keep my job in California. I am in Vegas maybe a week out of the month for family. Is it still possible for me to change residency from CA to NV while spending a majority of my time working in CA?
Thank you for watching and reaching out 🙏. Generally, there is a 180-day rule to determine residency. Ask your CPA or financial planner about that. I have lots of clients who domicile here and work elsewhere for tax savings but there are rules that vary from state to state.
What about keeping 2 homes in 2 states? One in California and one in Vegas?
LOTS of people have 2 or more homes, and it's not a problem. The issue is if you are earning income, and one state thinks you owe them income tax. Each state that takes income tax has its own rules and some states are worse than others. California is one of the worst. It's important that you contact a tax or financial planner and make sure that you are following the quickly changing rules. Are you thinking of a second home here?
Yes. Vegas or El Paso, tx. Do rental property in either one but keep the house in California as a summer respite home
@@reneauds very nice 👍 thank you so much for watching and commenting. I sure appreciate you. 🙏
🎉🎉🎉🎉🎉
I only donate to food banks too. Amen
We try to stick to food shelter and clothing these days. That said, there are many other needs, from subtle to complicated and one must practice generosity wisely, I think. Thank you so much for watching 🙏 Are you planning to move here?